MEMPHIS, Tenn. — Shares of FedEx plummeted in value overnight after it was announced Memphis’s largest employer is doing some serious belt-tightening.

It was announced last night after the stock market closed. Shares of FedEx fell a staggering 16% in after-hours trading.

A single share will cost you about $170 dollars this morning, compared to $204 dollars yesterday.

Thursday night, the company warned of a $500-million shortfall ahead of its quarterly financial statement next week.

FedEx said it was implementing a hiring freeze and that some workers could expect a reduction in hours.

In addition, FedEx will close 90 FedEx office locations and five corporate offices.

Some operations will be consolidated, and the company will operate fewer flights.

The CEO of FedEx put out the following statement.

While this performance is disappointing we are aggressively accelerating cost reduction efforts and evaluating additional measures.

FedEx said it expected next quarter’s earnings to be even worse.